Genting Singapore reports Q4 loss of S$7.8 million

The Q4 loss was the second quarterly loss in 2015, which was marked by weak performance in the gaming business

Genting Singapore, which operates the Resorts World Sentosa (RWS), reported a net a net loss of S$7.8 million in the fourth quarter.

The casino operator had made a S$89.2 million net profit in the fourth quarter of the previous year.

The Q4 loss was the second quarterly loss in 2015, which was marked by weak performance in the gaming business.

The company revealed total revenues declined 14 per cent year-on-year to S$547.4 million, while gaming revenue plunged 19 per cent to S$374 million.

Gaming companies ran into rough weather in 2015 when China toughened its crackdown on corruption, making the super rich from the mainland avoid gaming centres to avoid scrutiny.

"Gaming revenue was impacted by a lower VIP gaming market as we continue to tighten our credit policies," Genting Singapore said in a filing with the Singapore Exchange.

"2015 has been a challenging year for the Asian gaming industry … In the non-gaming business, despite an overall slowdown in tourism arrivals to Singapore, RWS attractions business delivered a good performance. We had nearly 7 million visitors accounting for one-third of overall Singapore attractions visitorship, and our hotels outperformed the industry in occupancy and average room rates."